Australian shares are set to slip; US markets closed for July 4th. Cash rate forecast to rise 0.05 percentage points. $A higher. Follow updates here.
UK Prime Minister Boris Johnson urged Saudi Arabia to ramp up oil production, seeking to cool record fuel prices in an echo of comments last week from President Joe Biden.
Last week, Biden said he hoped key Persian Gulf producers would ramp up output as he prepared for a trip this month to Saudi Arabia, which leads the OPEC+ alliance. Crude prices remain above $US110 a barrel as supplies fail to keep pace with a post-pandemic rebound in demand, squeezing consumers and threatening to tip the global economy into recession.
“There’s no doubt that we are going to need a lot more OPEC+ oil,” Johnson said, referring to the coalition between the Organisation of Petroleum Exporting Countries and other producers. French President Emmanuel Macron was caught on camera last week telling Biden at the G-7 summit that the UAE ruler, Sheikh Mohammed bin Zayed, had previously told him that Abu Dhabi is at “maximum” production and the Saudis can only increase “a little more”.
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